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ira [324]
3 years ago
6

Sheffield Corp. uses the composite method and its composite rate is 7.5% per year, what entry should it make when plant assets t

hat originally cost $134000?
Business
1 answer:
muminat3 years ago
8 0

Answer:

$ 142 375

Explanation:

Thinking process:

Let the composite rate be given by the formula:

A = P (1+\frac{r}{n})^{nt}

where

A = amount after interest

\frac{r}{n} = interest rate

t = time

n = number of times (per year)

Therefore, this gives:

A =134 000 (1+\frac{0.75}{12})^{1}\\   = $ 142 375

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dsp73

Answer:

B

Explanation:

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4 years ago
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________ refers to the process of giving new employees the information they need to do their work comfortably, effectively, and
Pani-rosa [81]

Answer: Orientation

Explanation:

 The orientation is basically refers to program in which the proper information are providing to the new employees about the company policies, role, team and the various types of tasks and responsibilities in an organization.

 The orientation event makes the employees work comfortably, efficiently and the effectively. In this event, the new employees are brief about the company or workplace and their job responsibility.

Therefore, Orientation is the correct answer.

7 0
3 years ago
Manchester Company sells equipment on June 1, 2021, for $222,400 cash. Manchester incurred $1,280 of removal and selling costs o
drek231 [11]

Answer and Explanation:

The journal entries are as follows:

But before that the accumulated depreciation for 3 years is as follows:

Cost $400,000  

Less: Residual value $64,000

Depreciable cost $336,000

Divide by Useful life 10  

Annual Depreciation $33,600  

Accumulated depreciation for 3 years $100,800 ($33,600 × 3 years)

Now the journal entries are as follows:

a.

On June 1, 2021        

Depreciation expense $14,000 ($33,600 × 5 months ÷ 12 months)

       To Accumulated Depreciation $14,000

(Being depreciation expense is recorded)

On June 1,2021        

Accumulated Depreciation $114,800 ($100,800 + $14,000)

Cash $221,120 ($222,400 - $1,280)

Loss on Disposal $64,080

       To Equipment $400,000

(Being the disposal of an asset is recorded)

b.

On June 1, 2021        

Depreciation expense $14,000 ($33,600 × 5 months ÷ 12 months)

       To Accumulated Depreciation $14,000

(Being depreciation expense is recorded)

On June 1,2021        

Accumulated Depreciation $114,800 ($100,800 + $14,000)

Loss on Disposal $285,200 ($221,120 + $64,080)

       To Equipment $400,000

(Being the disposal of an asset is recorded)

7 0
3 years ago
Hillside issues $2900000 of 9% 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. T
DaniilM [7]

Answer:

Dr. Cash                                                 $3,549,590

Cr. Premium on Account Receivable  $649,590

Cr. Bond Payable Account                   $2,900,000

Explanation:

The difference between the face value of the bond and the sale value of the bond is known as premium or the discount on the bond. If the face value is higher from the sale value the bond is issued on the discount and if the sale value of the bond is higher than the face value the bond is issued on the premium.

Premium on the Bond =  Face value - Sale value = $3,549,590 - $2,900,000  = $649,590

The Premium will be amortized during the life of the bond  to maturity and deducted from the interest expense.

3 0
3 years ago
Explain why supply and price are positively related
pishuonlain [190]

Answer:

see below

Explanation:

A positive correlation signifies that an increase in one variable results in the other variable moving in the same direction. Because supply and price are positively correlated, a price increase will increases supply. The opposite is also true.

Suppliers are business people whose main objective is to make profits. Higher prices give higher margins. Suppliers make higher profits when prices are high. The possibility of making higher profits motivates suppliers to increase supplies to the market. On the other hand, low prices may result in losses. When prices are low, supplies will shy away from the market to avoid making losses.

6 0
3 years ago
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